External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Can Fin Homes’ (CANF) Q2FY26 earnings were ahead of our estimates, largely due to higher-than-expected NIMs (4%) and muted credit costs (3bps)</li><li>NIMs reflated sharply, driven by lower cost of funds (-30bps QoQ) due to re-pricing of bank borrowings, while transmission on the asset side remained limited (25bps during FY26)</li><li>However, AUM/disbursements growth remained tepid (+8.4%/+6.9% YoY) amidst moderation in overall housing demand and protracted issues in Karnataka and Telangana</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes’ (CANF) Q2FY26 earnings were ahead of our estimates, largely due to higher-than-expected NIMs (4%) and muted credit costs (3bps)NIMs reflated sharply, driven by lower cost of funds (-30bps QoQ) due to re-pricing of bank borrowings, while transmission on the asset side remained limited (25bps during FY26)However, AUM/disbursements growth remained tepid (+8.4%/+6.9% YoY) amidst moderation in overall housing demand and protracted issues in Karnataka and TelanganaContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes - Strong on Profitability, Weak on Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Key States Showing Signs of Recovery: CANF’s key states – Karnataka (KA, owing to eKhata issue) and Telangana (TL) have reported muted growth. However, the company is seeing signs of revival, particularly in KA.</li><li>The management has indicated that the KA government has announced certain measures regarding eKhata, which are directionally positive and should support growth revival in the state.</li><li>Thus, the management expects the monthly disbursement run-rate in KA to improve from Q3 onwards and scale up to a Rs 300 Cr/month disbursement run-rate in Q4 vs the current monthly run-rate of Rs 260 Cr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key States Showing Signs of Recovery: CANF’s key states – Karnataka (KA, owing to eKhata issue) and Telangana (TL) have reported muted growth. However, the company is seeing signs of revival, particularly in KA.The management has indicated that the KA government has announced certain measures regarding eKhata, which are directionally positive and should support growth revival in the state.Thus, the management expects the monthly disbursement run-rate in KA to improve from Q3 onwards and scale up to a Rs 300 Cr/month disbursement run-rate in Q4 vs the current monthly run-rate of Rs 260 Cr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes Limited - Consolidation Phase Ending; Growth Outlook Turning Constructive!

Thematic (Sector/Industry)

<ul><li>Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.</li><li>Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.</li><li>However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

<ul><li>LTIMindtree: LTIMindtree (LTIM) reported a solid Q3 performance, with revenue growth of +2.4% QoQ CC (ahead of estimates) and EBIT margins of 16.1% (+26bps QoQ, in line), supported by robust momentum in manufacturing (+9.4% QoQ) and healthcare (+9.9% QoQ)</li><li>The company secured a strong TCV of USD 1.7 bn (+6.4% QoQ), driven by a USD 155 mn, five‑year deal with a leading US insurer and a strategic selection as one of five key service partners for a global financial institution</li><li>The BFSI segment declined 0.7% QoQ, impacted by seasonality and proactive AI‑led productivity initiatives within top clients, which management expects to bottom out in Q4</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LTIMindtree: LTIMindtree (LTIM) reported a solid Q3 performance, with revenue growth of +2.4% QoQ CC (ahead of estimates) and EBIT margins of 16.1% (+26bps QoQ, in line), supported by robust momentum in manufacturing (+9.4% QoQ) and healthcare (+9.9% QoQ)The company secured a strong TCV of USD 1.7 bn (+6.4% QoQ), driven by a USD 155 mn, five‑year deal with a leading US insurer and a strategic selection as one of five key service partners for a global financial institutionThe BFSI segment declined 0.7% QoQ, impacted by seasonality and proactive AI‑led productivity initiatives within top clients, which management expects to bottom out in Q4Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: LTIMindtree, Tata Capital, Havells India, L&T Finance, JK Cement, Can Fin Homes

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidation</li><li>Unit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricing</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidationUnit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

India

Can Fin Homes is a housing finance company promoted by Canara Bank, focusing primarily on individual housing loans for middle-aged first-time homebuyers in the affordable and middle-income sectors. The company provides housing loans for construction, purchase, and renovation, as well as non-housing loans like mortgage and top-up loans. Headquartered in Bengaluru, Karnataka, India, the company was founded in 1987.

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Can Fin Homes (CANF IN)

Can Fin Homes - Strong on Profitability, Weak on Growth

Can Fin Homes’ (CANF) Q2FY26 earnings were ahead of our estimates, largely due to higher-than-expected NIMs (4%) and muted credit costs (3bps)

HDFC Securities

Can Fin Homes Limited - Consolidation Phase Ending; Growth Outlook Turning Constructive!

CANF’s key states – Karnataka (KA, owing to eKhata issue) and Telangana (TL) have reported muted growth. However, the company is seeing signs of...

Axis Direct

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit...

Axis Direct

HSIE Results Daily: LTIMindtree, Tata Capital, Havells India, L&T Finance, JK Cement, Can Fin Homes

LTIMindtree: LTIMindtree (LTIM) reported a solid Q3 performance, with revenue growth of +2.4% QoQ CC (ahead of estimates) and EBIT margins of 16.1%...

HDFC Securities

HSIE Results Daily: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

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